"Besides bancassurance partnership, we are also providing cover to customers of other banks by selling them group insurance policies. Despite the large branch network of its parent, SBI Life sold policies predominantly through agents until a few years back. The IPO is an offer for sale of shares by SBI and its joint venture partner Cardiff. While SBI will offer 8% of its stake, Cardiff, which currently holds 26%, will sell another 4%.The proposed offering will have a reservation of up to 20 lakh shares for employees of SBI Life and parent SBI who will be entitled to a discount in the application price. Another 1.2 crore shares are reserved for SBI shareholders who will also be eligible for a discount.

Source: Times of India August 04, 2017 22:30 UTC